Natural Energy Wyre (NEW) plans to construct a tidal hydro power plant at the mouth of the River Wyre in Fleetwood, UK, that would provide power for 50,000 homes.
The 120MW hydro tidal plant proposed by NEW combines tried and tested hydroelectric technology with recently developed electronic power management equipment, producing electrical energy at a cost effective rate, according to NEW.
The plant is located in an area with spring tides exceeding 10 meters, with the anticipated production capacity of 225 GWh annually and a total build cost of around £300 million.
“We have had financial discussions with the recently dissolved DECC, and understand to gain government support, this project must display a high level of economically viable. Our financial modelling indicates that a relatively small level of financial support is required, comparable to other more established technologies, and all with considerably shorter life spans,” said Bob Long , Managing Director at NEW.
The company is reportedly seeking a contract for difference of £110 per MWh for the Fleetwood project, with the expected decrease in cost to £100 per MWh for future projects.
The basic technology proposed for Fleetwood plant is used in projects in Brazil, France, South Korea and Russia, ruling out chances of technological failure, according to the company.
NEW is looking to raise £12 million by autumn to initiate the development of the project, Bloomberg reports.
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